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Fino Payments Bank fixes IPO price band at Rs 560-577 a share, to raise Rs 1,200 crore

The issue will open on October 29 and close on November 2. Retail investors can invest up to Rs 2 lakh in the IPO. This means, at the upper end of the price band, they may have to invest Rs 14,425 for a single lot and Rs 1,87,525 for a maximum of 13 lots

October 26, 2021 / 02:14 PM IST

Fino Payments Bank, a fintech company that offers a diverse range of financial products and services, has fixed a price band of Rs 560-577 per share for its initial public offering (IPO). Fino Payments Bank is a wholly owned subsidiary of Fino PayTech.

The issue will open on October 29 and close on November 2. The company plans to raise Rs 1,200 crore through the public issue that comprises a fresh issue of Rs 300 crore and an offer for sale (OFS) of 1.56 crore equity shares by Fino Paytech.

The company will offer 2.08 crore equity shares through the IPO. Of this, shares worth Rs 3 crore are reserved for employees. The fintech company will utilise the proceeds for augmenting its Tier-I capital base to meet future capital requirement, besides general corporate purposes.

Also read:  Nykaa IPO opens on October 28: 10 key things to know before subscribing to the issue

Investors can bid for a minimum of 25 equity shares and in multiples of 25 thereafter. Retail investors are allowed to invest up to Rs 2 lakh in the IPO. This means, at the upper end of the price band, they may have to invest Rs 14,425 for a single lot and Rs 1,87,525 for a maximum of 13 lots.

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Seventy five percent of the issue size is reserved for qualified institutional buyers (QIBs), including anchor investors, 10 percent for retail investors and the remaining portion for non-institutional investors.

Also read: Anand Rathi Wealth, Tarson Products, ESAF Small Finance among 7 to get Sebi nod for IPOs

Fino Payments Bank is primarily engaged in providing technology-based solutions and services related to financial inclusion.

Promoter Fino PayTech is backed by marquee investors including ICICI Bank, Intel Capital Corporation, International Finance Corporation, HAV3 Holdings (Mauritius), Blackstone GPV Capital Partners (Mauritius) VI-B FDI and Bharat Petroleum Corporation.

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Fino PayTech received an in-principle approval to set up a payments bank in September 2015. Incorporated in April 2017, it received final approval from the RBI in March 2017 and commenced operations from June 2017.

Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory and Securities (India) are the book-running lead managers.
Moneycontrol News
first published: Oct 26, 2021 02:12 pm

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